11-Feb

Markets pause after yesterday’s selling

The $789 billion stimulus bill with hopes that the final package would be fully approved by the weekend was the news of the day. The bounce was very weak at best and mostly choppy trading. The strongest sector was Gold and Airlines, Natural Gas and Transports were the weak movers.The Put Call Ratio we have been mentioning on several occasions shot up to 1.22 today. This indicates more folks are fearful of further weakness. A move above 1.30 would likely set us up for a bounce.The 800 level is in sight again and I would be suprised if this level is not tested.

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